Published: November 19, 2012
Press Release
Year-End Tax Planning: Check State Rules for Potential Triple Tax Advantages
SPRINGFIELD, Ill. - (BUSINESS WIRE) - Parents who hope to help their kids afford a college education should
consider adding this to their list of year-end tax planning moves:
-
Open or add to a 529 college savings plan.
Depending on their state tax laws, they might be able to take advantage
of a potential triple tax-saving bonus.
State-sponsored 529 savings plans are one of the few financial products
that can offer triple tax advantages. Earnings grow tax-free over the
life of the account, withdrawals are not taxed when used for qualified
education expenses1, and - in states that impose
personal income tax and offer offsets for contributions to that state's
529 plan - potential for reduced yearly income tax bills. Parents could
potentially realize a state tax break up to the maximum state income tax
rate.
To read the complete release at NewsBlaze,
Year-End Tax Planning: Check State Rules for Potential Triple Tax Advantages,
Click here
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